Our 2nd Mortgage Provider (TCF) announced last week that they will finance $1.42 Million purchases with as little as 10% down. In other words, they now offer 2nd mortgages (Home Equity Lines) up to a combined loan amount of $1.275 Million. They used to cap their combined loan amounts at only $750,000.
This is extremely valuable for the many income rich but liquidity starved borrowers we have.
Heejin spoke with two tech employees over the weekend with combined incomes exceeding $500,000. Because they did not want to exercise their stock options, they lacked the cash necessary for 20% down. This new loan structure is perfect for borrowers like this.
Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646
